The use of radio frequency (RF) enabled payment devices are known. One example is the Speedpass™ key fob that is issued by the ExxonMobil™ Corporation. The holder of a Speedpass™ key fob can pay for the purchase of gasoline at an ExxonMobil™ gas station by placing the Speedpass™ key fob in close proximity to a specified portion of the pumping station. Circuitry in the pumping station then extracts payment information from the Speedpass™ key fob and activates the pump for operation. The payment information is used to charge the purchase to the holder's account that is maintained with the ExxonMobil™ Corporation. Another example of a RF enabled payment device is a RF highway toll payment device, such as the FastLane™ payment device issued by the Massachusetts Turnpike Authority (MTA) for use on toll roads associated with the MTA, or the E-ZPass™ payment device issued by the New York State Thruway Authority. With the highway toll payment device present in a vehicle, a user can pass through a toll booth without being required to stop or provide immediate payment in cash against a toll ticket. Each time a user passes through a toll booth, a RF reading device extracts user identification information from the highway toll payment device. This user identification information is used to charge an account maintained with the issuer for each toll incurred.
While current RF enabled payment devices provide some convenience for the purchase of certain goods or services from certain providers, significant disadvantages in their operation remain. For example, the Speedpass™ key fob and the FastLane™ payment device can only be used to conduct transactions with the specific entities associated with their respective issuers, i.e., ExxonMobil™ gas stations and MTA toll booths (or other affiliated toll roads). Further, the commercial or financial transactions available for use with the Speedpass™ key fob and the FastLane™ payment device are limited. In particular, only the goods that are available at an ExxonMobil™ gas station can be purchased with the Speedpass™ key fob and only payment of tolls for roadway travel on affiliated toll roads can be achieved with the FastLane™ payment device.
There is a need for a RF payment device and system that provides greater convenience and flexibility to a user.